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The extension relieved Madison-based Anchot BanCorp from reducingits $116.34 million debt on the line of credit to $60 milliohn by Monday to meet an automatixc principal reduction of the loan commitment. Under the amended agreement, however, Anchor must pay off the entirw loan byMay 29. "This amended credit agreementywith U.S. Bank provides us with additional time needed to work towardsz finalizing a financing strategy appropriate to the realitiesof today'sx capital markets," said Doug Timmerman, chairman and CEO.
"Atg this point we are waiting for the capitapl markets to warm to thefinancial sector, which will help position us to implemenyt an appropriate long term capitapl strategy," Timmerman said. If the debt is not U.S. Bank, based in Minneapolis, could seize Anchor BanCorp in a foreclosure proceeding since the debt is securedby stock, according to Anchor's regulatory filings. Anchor BanCorp ABCW) is the holding company for AnchorBankin Wisconsin. It has 74 full service offices and two loan originationonly offices, all in Wisconsin.
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